This article was last updated on April 16, 2022
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Quebec’s public pension fund, the Caisse de dépôt et placement du Québec, has announced to place Canada’s two most iconic hotels, namely The Hotel Vancouver and the Royal York, up for auction. The move was confirmed by an executive with the pension plan’s real estate division, Ivanhoe Cambridge, on Friday. However, he refrained from revealing the asking price for the two neo-Gothic buildings publicly.
The vice-president of real estate investment, Sylvain Fortier, alleged that “honestly, [the sale] is not going to be our best return, simply because we bought in ’07.” When it was completed in 1929, Toronto’s Royal York was the tallest structure in the entire Commonwealth since it encompassed 28 floors over the city where it remained a defining part of the skyline for many decades. Whereas on the other hand, the 17-floor Hotel Vancouver was completed a decade later and is sometimes called the “Castle in the City.” Both hotels were built by Canadian Pacific Railway, and now the offloading is being managed by Fairmont Hotels and Resorts.
The sale is being considered part of a larger move by the Caisse to reduce its real estate holdings. Other hotels up for sale are Fairmont locations in Victoria, Barbados, Seattle and Washington D.C., along with the Hilton Downtown Atlanta. Fortier has revealed that “for Vancouver we know a lot of Asian investors are looking, and for Toronto we expect some European and American money looking, so it will be an interesting dynamic.”
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